What to Do When You Come Into Money

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So you just came into some money! Woah! Maybe you flipped a property or something and walked away with six figures. Maybe you got an inheritance, a bonus, or sold something for way more than you expected. Wherever you got it from, now you’re sitting there looking at your bank account thinking, “Holy crap, what do I do now?”

Look, I get it. That feeling is wild. It’s exciting, terrifying, and honestly kind of paralyzing all at the same time. You know this is a big opportunity, but you also know you could totally blow it. (pointy guitars, anyone) I’ve coached some peeps through this exact situation to tell you something important: what you do in the next few weeks will matter way more than you think.

Recently, I had a coaching call with someone who just flipped a property and cleared about $100k in proceeds. They’d never invested before. They were stoked about the win but completely lost on what to do next. Should they buy another property? Throw it all in the stock market, and what hot picks should they buy? Pay off their mortgage? Buy a boat? (Please don’t buy a boat lol)

Let me walk you through what we talked about, because if you’re reading this, you or someone you know may be in a similar spot.

First Things First: Don’t Do Anything Stupid

Before we get into the smart stuff, let’s talk about the dumb stuff. Because I know what happens when people suddenly have cash burning a hole in their pocket.

Don’t run out and buy a new car. Please! Try really hard to NOT upgrade your lifestyle. Don’t suddenly start living like you make twice what you actually make. I’ve seen people blow through a $50k windfall in six months because they convinced themselves they “deserved” a little reward. Then the reward becomes that new truck, a vacation, a kitchen remodel, and boom, it’s gone.

Here’s the thing about windfalls: they’re not income. I don’t consider them income. They’re not going to keep coming every two weeks like your paycheck. This is a one-time shot to change your financial trajectory. Treat it like the gift it is.

Take a Breath and Make a Plan

The first thing you need to do is absolutely nothing. And I mean that in the best way possible.

Give yourself a week or two to let the excitement wear off. Open a high-yield savings account if you don’t already have one, park that money there temporarily, and just breathe. Let yourself get used to seeing that number in your account without feeling like you need to do something with it immediately.

During this time, you’re going to make a plan. Not a vague “I should probably invest this” plan, but an actual written-down strategy that covers:

What are your immediate financial needs?

• What are your short-term goals (next 1-2 years)?

• What are your long-term goals (5+ years)?

• Do you have high-interest debt that needs to go away?

• Do you have an emergency fund? If not, this is your chance to build one.

For the person I coached who flipped the property, their situation was pretty clear: they wanted to flip another property soon, and they wanted to start investing for the long term. Two distinct goals, two different strategies.

The Short-Term Money: High-Yield Savings Accounts

If you know you’re going to need some of this money in the next year or two, don’t invest it in the stock market. Seriously. The market is for money you won’t touch for at least five years, preferably longer.

For my coaching client, they were actively looking for their next property to flip. That meant they needed to keep a chunk of that $100k liquid and accessible. We decided they should set aside whatever amount they thought they’d need for the next deal in a high-yield savings account.

Right now, HYSAs are paying around 3-4% interest, which isn’t going to make you rich, but it’s way better than the 0.01% you’ll get at most traditional banks. Your money sits there earning a little bit while staying completely safe and accessible for when you find that next property.

Some solid HYSA options include Marcus by Goldman Sachs, Ally Bank, and American Express Personal Savings. Shop around, compare rates, and pick one that doesn’t have weird fees or minimum balances.

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